As above….and in addition, be aware that she will essentially become a foreign currency trader when she has money tied up overseas. If she can get finance where she purchases (i.e.. USA), she can eliminate the currency fluctuation risk, provided she doesn’t transfer cash back to Aus unless the exchange rate works in her favour.

The US gig is complex, especially when it comes to property management too. I suggest doing plenty of research before buying.

All the best.

Peter

Great to see Nigel and Richard still actively contributing. wtg guys!

I got messed around by a property management agency that tried to rip me off. They said work was done when it clearly had not. Trying to contact the manager was also quite difficult. In the end I drafted a letter of complaint to their professional association and faxed the draft to the PM agency. I stated that I would send the letter to the association if after 14 days I did not receive a full refund for the works and the repayment of all PM fees to date as they hadn’t provided me with the service as stated in the contract. I also request that the contract be cancelled. I received the refund in under a week and we went our separate ways.

Hi everyone

Thanks for the overwhelming response to the survey. There are certainly some common themes appearing that I will get to work on straight away, especially property management, structures, tax, areas to invest and different strategies.

I think that the best way will be to write a chapter then email you for comment then the next and the next then put it all together at the end for a first class ebook. This way you can access the information on the hot topics before completion.

The survey can be found at http://www.surveymonkey.com/s/C3K32QF

Cheers

Hi BB and all

It's great that we can share in other's experiences with our investing.  I have just returned from the USA myself and have been astounded yet again at the opportunities, although this trip was more about catching up with my USA contacts to get ready to go again!  2011 will be year 6 for me in the US and probably the best yet and as in 2005, I will be glad to join in the information sharing through PropertyInvesting.com

One of the common threads I find in reading the posts in this forum is the lack of a common place or one-stop-shop for all of the information needed to invest in the US.  There are plenty of threads with information scattered all around the site. 

I may be able to help this and you guys help me at the same time as I am currently undertaking a course in Internet Marketing and, with your permission, I seek your assistance in creating a free e-book for participants in this forum. 

In the project I will need to cover all of the aspects involved in investing in the US, many of which I will provide from my own experiences, as well as seek information from the experts both from within Australia and in the US.

The benefits for me will be the opportunity to conduct my first ever survey and write my first e-book, not for profit but to get the experience and complete this project as part of the course.  The benefit for you will be to have your questions answered and have a single reference book for whatever purpose you wish to use it.

A survey page with two questions has been set up at http://www.surveymonkey.com/s/C3K32QF and I would really appreciate it if you could assist.

Please feel free to ask any questions.

Thanks for your help.

Folks

I’ve been using HSBC for some 5 years now, without any hassles or complaints. I set this account up through a branch in Melbourne.

To get around the ‘check’ issue, my attorneys have a limited power of attorney to act on my behalf for Real Estate transactions and have banked checks on my behalf also. They both hold ‘operating funds’ in escrow for me and I provide written or email direction on the use of those funds. All I need to do then is top-up the escrow account by wire transfer from my HSBC account for future purchases. When a transaction is made, a part of the documentation includes a copy of statement for my escrow account.

I use two attorneys. One for the more conventional property transactions and one for the more ‘creative’ transactions. They both specialise in these areas.

Another avenue to look at is ‘tax deed’ investing. Google it and have a look at the difference. Each one differs depending on the strategy you choose to follow, however tax deeds appear to be a very attractive proposition. I wasn’t aware of the tax lien seminar so I don’t know if tax deeds were also covered as a topic.

I hope this info is of some assistance.

Cheers.

Peter

Sorry, I just do WNY.

Hi all

It's been a while since posting.  Worldchanger is on the money!!  I have been flipping houses in the US since 2005.  It takes a while to sift through the crap to get a good team.  Then there's the late nights trying to sort everything out remotely.  Let's not mention the exchange rate.  You become a currency trader as well as a property investor.

I personally don't do buy and holds, just rehabs and flips. Straight in, straight out.

There seem to also be a lot of start-up 'advocates', even with just a few posts after signing up in the past few days.

Nigel, it's great to see some old familiar faces on the site still.

'These are the guys you should be taking advice from, the guys that have been there and done that more than once and for more than a few days or months.

How 'bout a studio apartment in Traralgon (currently owner occupied (me) and recently renovated by me).  I will also stay on and rent back for up to 12 months.

Figures represent 5.9% gross yield but prepared to increase to 6+ for a quick sale.  Renovations will bring excellent deductions also.

Everything under $80K.

Traralgon is growing and is now a transit city to Melbourne.  Very stable employment in power industry, coal mining, plantations, farming, paper manufacturing  and supporting industries as well as a major hospital and Regional airport.  Recent projects announced include a new power station and $2b Urea fertilizer plant.

Kick me for advertising but I think I've been a pretty good contributer to the forums since September 2003!!!

PM me if interested or would like to know further.

Sunnygirl

You are playing with another huge risk if financing from Australia.  You will be exposed to currency fluctuations that can cost you thousands and even 10s of thousands depending on how much invested.  In Australian terms also, the value of your portfolio and yield will decrease as the AUD increases, however your repayments will remain the same.  Also, you cannot secure US property against Australian finance, unless someone on this forum has achieved this.